Guarantors are usually relatives or close friends of the tenant, but they don't have to be. guarantors usually need a good credit history and income or savings above a certain amount. To be a guarantor you have to own a home in the UK. Guarantors are usually required when there is very little information available to the Landlord about a prospective tenant.
In the United Kingdom, when a landlord rents a property to someone, it is normal for him to carry out a detailed check on that person before renting it. This could include references from previous owners and a detailed financial check. In the simplest terms, a guarantor is someone who can guarantee payment of rent and other rent obligations for tenants. Having a guarantor helps protect and secure rent payments in case tenants are in arrears or fail to comply with the lease agreement.
If you plan to rent anywhere in the UK, you'll most likely need to provide a UK guarantor. First, you will need to know the answer to the question: what is a guarantor? The simple answer is someone who is willing to pay their rent in case of default, but there is a little more. Read on for important details on who can act as a guarantor and how Housing Hand can help if you are unable to provide a UK guarantor. If you are looking to rent an accommodation in the UK, you will most likely need a rent guarantor.
This is a requirement that most landlords and accommodation providers demand. If you want to know more about what a guarantor is, read our article on “What is a guarantor?”. For most students, they tend to be a parent or family member, because they are more likely to accept the substantial financial commitments of being income guarantors. If you can't find someone who meets these criteria or would like more information about guarantors, their requirements and responsibilities, please call us at 0207 205 2625 or send us an email.
When renting accommodation in the UK, you will likely be asked to provide a rent guarantor. Being nominated as a guarantor in a lease is a considerable responsibility, with a variety of criteria set forth. So who can be the guarantor of rent? What should a guarantor provide? Does the guarantor have to own a home? Read on for everything you need to know. This is usually the requirement for international students, who in most cases will not have access to a UK-based guarantor.
Therefore, if a property is still available in August, they are less likely to worry about a guarantor or receive full rent payment in advance and more concerned about filling the property before the start of the September deadline. Most contracts will state that a guarantor is responsible for covering any unpaid rent for the duration of the lease. If you think that resorting to a guarantor or arranging a guarantor loan is the best way to rent to potential tenants, there are some steps to take before signing a guarantor agreement. There are risks involved for both the borrower and the guarantor, so you must enter into a guarantor agreement armed with all the facts.
To minimize the “risk” of accepting you as a tenant, the landlord may require you to sign with a guarantor. To be a guarantor, you must be over 21 years old, have a good credit history and financial stability. By using Housing Hand as a guarantor of your rent, you can pay monthly and protect yourself from risks such as these. This may mean that the guarantor needs to own a property or prove that he earns a minimum amount of money.